Dogecoin outperforming top 20 in gains
The number of addresses (in the money) in profit has increased significantly as the price of Dogecoin reached a multi-month high. According to data from IntoTheBlock, Dogecoin addresses in the money have increased to 65%, up from May’s low of 48%.
The Dogecoin (DOGE) price rose over 90% in a massive spike on Oct. 29 as it climbed from lows of $0.082 to reach intraday highs of $0.151. Dogecoin has been rising since Oct. 25 after reports emerged of Tesla CEO Elon Musk’s near conclusion of the Twitter deal.
The bulls went berserk after investors contemplated the possibility of Dogecoin being used as a form of payment on social media following the successful closing of the Twitter deal. Currently, Dogecoin is outperforming the top 20 in gains as most of the cryptocurrencies have been losing value over the past 24 hours, thus trading in the red at press time. At the time of publication, DOGE was changing hands at $0.118, up 5% in the last 24 hours and 100% in the past week.
The recent rise seemed beneficial for Dogecoin “hodlers,” which make up a greater chunk of Dogecoin’s total addresses. Per IntoTheBlock’s holders’ composition by time held, Dogecoin “hodlers,” referring to addresses that have held Dogecoin for more than a year, is presently 69%; 28% of addresses have held the asset for a year, while 3% have held onto their assets for barely less than a month.
111% jump in large transactions
Large transaction spikes are often associated with increased activity by institutional players, or whales, who are either buying or selling. According to IntoTheBlock, these transactions totaled over $100,000, and were up 111% for Dogecoin over the past 24 hours.
According to Whale Alert, 44,485,413 DOGE worth $5,771,679 were moved to Coinbase, while another 99,999,998 DOGE worth $13,058,970 were moved to Binance. Also recently, 160,000,000 DOGE worth $21,187,444 were shuffled in between wallets.
